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HMRC is putting more taxpayers at risk of inquiry as it ramps up its data collection activities – this time by asking lawyers for information

Posted on: May 24th, 2018 by Leighton Reed No Comments

Ordinary taxpayers are becoming increasingly at risk of an inquiry as HMRC ramps up the amount of data it collects and looks for new sources of information for use in its investigations.

Recently, HMRC has been collecting data on taxpayers by submitting information requests to professional services firms, such as lawyers and financial advisers, asking for confidential information on their clients. There was 19% rise in the number of these requests last year to 1,507, up from 1,276 in 2015/16. (more…)

24-hour retirement advice for GPs

Posted on: May 15th, 2018 by Sarah Curzon No Comments

Practice managers are often relied on by GPs to research some very technical topics; or they might be asked to monitor the smooth running of actions on which external advice has been sought. An example is 24-hour retirement. Here are some facts to be aware of. (more…)

Making Tax Digital – What does it all mean?

Posted on: May 15th, 2018 by Leighton Reed No Comments

Our Making Tax Digital team examine the questions you may have whilst highlighting some key points that you should be aware of.

MTD will take effect from 1 April 2019 for VAT purposes only for all businesses (unincorporated, companies, LLPs and charities) with turnover above the VAT threshold (currently £85,000). This means that for the first VAT return period beginning on or after 1 April 2019 all VAT registered businesses with turnover above the VAT threshold will be required to:

  • maintain digital records, and
  • send their VAT information directly to HMRC using compatible software.

(more…)

GDPR & Sage Online Services Portal

Posted on: May 15th, 2018 by Judith Mallen No Comments

With GDPR on the horizon, Sage Online Services Portal is a secure online portal designed to share payslips, P60s and timesheets with employees for whom you run a Payroll service.

Sage Online Payslips/P60s keeps your payslips and P60s processes simple and straightforward, and is a great alternative way to produce your payslips and P60s.

The safe, secure online portal allows your employees to access their payslips and P60s online, 24/7 from any device. (more…)

Lack of funding holds back 1 in 4 SMEs

Posted on: May 15th, 2018 by Mike Fenwick No Comments

Difficulty accessing funding is causing around one in four small and medium-sized firms to miss out on business opportunities, research shows.

A survey by Aldermore of 1,004 senior decision-makers in SMEs revealed that 23% had missed out on at least one new business opportunity due to lack of funding in the past 12 months.

The issue shows no signs of improvement, with 4% more businesses reporting this problem since the same survey was conducted in 2017. (more…)

Planning for the next wet day in Farming

Posted on: May 15th, 2018 by Katherine Broadhurst No Comments

Across most parts of the country, it has been a miserable spring. As we come into the key growing season there has been about 20% less sunshine than usual and well over 20% more rain – not to mention unseasonably late snow, frost, hail and gales. Spring cultivations in parts of the UK are up to a month late and even if crops can be drilled there will probably be a shorter growing season and lower yields. There is even talk of some land destined for root crops simply remaining fallow.

All of this means that cash flow is likely to come under pressure and forecasts which looked sensible six months ago may now need revision. So what can you do on the next wet day to increase your profitability? (more…)

2018 Legal Benchmarking Report

Posted on: May 14th, 2018 by Seamus Gates No Comments

Our Legal Benchmarking Report 2018 reveals the need for firms to focus on organic growth, improving efficiency and billing processes as the sector faces the end of a three-year period of sustained growth. (more…)

Late payments affect almost half of small businesses

Posted on: May 10th, 2018 by Sarah Case No Comments

Almost half of small and medium-sized businesses have struggled with late payments in the last year, according to research by the Institute of Directors (IoD).

Of the 787 business leaders surveyed, 48% have faced issues with late payments since April 2017.

Almost a third (31%) said this was the result of an “excessively bureaucratic payments system” in the company being invoiced. (more…)

Selected businesses begin Making Tax Digital testing

Posted on: May 10th, 2018 by Leighton Reed No Comments

A number of selected small businesses have begun submitting tax returns under HMRC’s Making Tax Digital (MTD) pilot scheme.

The Revenue asked for businesses to step forward and trial the digital process from April 2018.

HMRC is monitoring the progress of businesses and sole traders, who have been submitting tax returns to help shape the system before it’s rolled out for VAT only next year. (more…)

Smallest firms hit by higher pension costs

Posted on: May 10th, 2018 by Ian Thomas No Comments

Startups and the smallest businesses are having to absorb higher pension costs as the new tax year gets under way.

The Federation of Small Businesses (FSB) warned that the doubling of minimum employer contributions into workplace pensions from 6 April 2018 will “hit the very smallest firms and startups the hardest”.

Firms in labour-intensive industries – such as retail, childcare and construction – will reportedly feel the impact most acutely. (more…)